Radian Group Inc., a Philadelphia-based mortgage insurer, has announced its entry into a waiver agreement with its lenders that suspends the ratings covenant under its credit facility. Radian said it is not in default of the covenant, but has requested temporary relief from it. "The relief under the waiver agreement is intended to provide Radian and its lenders with sufficient time to discuss a definite amendment to the credit agreement, which must be entered into by April 30, 2008, to avoid reinstatement of the covenant," the company said. Radian said it is now in discussions with its lenders regarding such an amendment. While the waiver is in effect, Radian may not borrow additional amounts under the credit facility.
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